In a remarkable turn of events, a crypto trader has managed to amass a staggering $6.77 million in profits within just three hours of the SatoshiVM (SAVM) token launch. Leveraging the power of a sniping trading bot, Banana Gun, this trader swiftly acquired a substantial amount of SAVM tokens during the token’s launch and capitalized on the surging prices by selling them off. This article dives into the details of this unprecedented feat.
Banana gun sniping tool: A game changer
The crypto trader, whose identity remains undisclosed, harnessed the capabilities of the Banana Gun sniping tool to become one of the first to secure SAVM tokens during their initial offering.
Banana Gun, introduced to the market in September 2023, has gained notoriety for its proficiency in sniping presale tokens and executing rapid crypto trades. The platform offers users the choice between “Manual Trade” and “Automatic Sniper” modes, each with its fee structure.
Manual trades incur a 0.5% fee, while the automatic sniper feature charges a slightly higher fee of 0.75%.
To secure a substantial stake in SAVM tokens, the trader initiated a purchase of 2.61 million tokens, equivalent to 277.66 Ether (ETH), worth approximately $681,000 at the time of the transaction, using the Banana Gun trading bot.
This early acquisition set the stage for the trader’s remarkable financial gains, positioning them to capitalize on the subsequent price surge.
Sudden price plummet and developer’s explanation
However, the euphoria surrounding the SAVM token launch was short-lived, as the token’s price plummeted by a staggering 99% within just three hours. Developers of the project attributed this abrupt crash to a bug in the system.
This unexpected turn of events underscored the risks associated with early-stage crypto investments, even for experienced traders who employ advanced tools like Banana Gun.
Banana Gun has not been without controversy since its launch. Reports of mysterious vanishing funds following sniping activities have plagued the platform, raising concerns within the crypto community about the trustworthiness of such tools and their potential implications for market stability.
Trader’s strategic sniping and subsequent profit
The trader employed a sniping strategy, paying 141.66 ETH to secure the first position in acquiring SAVM tokens during the launch. This strategic move enabled the trader to amass over 2.5 million tokens, setting the stage for substantial profits.
Subsequently, the trader sold 2.16 million SAVM tokens, pocketing an impressive $4.38 million. As of the latest update, the trader holds 450,000 SAVM tokens, which are estimated to be worth $3 million. Cumulatively, this trader has amassed a staggering profit of approximately $6.77 million in just three hours.
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